Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD  initially  gained  on Friday but lost some  ground   as pound suffered on  negative UK retail sales  data .  

• GBP/NZD  fell from 1.9958 to 1.9911 on Friday,  setback is likely to  drive the pair further lower.

• Bearish momentum is likely to pick up with a move below 38.2% fib, which would target next support at the 5DMA at 1.9822 and then 50% fib  at 1.9788.

• Immediate resistance is located at 1.9960(23.6%fib ), any close above will push the pair towards 1.9981 (Higher BB).

•Immediate support is seen at 1.9861(38.2%fib ) and break below could take the pair towards 1.9822  (5DMA).

Recommendation: Good to sell   around 1.9920, with stop loss of 1.9960 and target price of 1.9820.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.